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This post has been republished with permission from Mike DelPrete.
It’s only March and so much has already happened in the world of real estate tech. Here’s a recap of some of my research and insights so far, which I consider some of my best work.
IBuyers
IBuyer momentum is building, even with Zillow’s exit from the space.
- Opendoor is set to cash in from record home price appreciation as it lists houses for 17 percent — or $60,000 — more than their purchase price.
- Yet questions linger as to whether Opendoor can scale operationally through a challenging market, and economically as it realizes efficiency gains.
Brokerage
Brokerage disruptors are growing exponentially and gaining market share in a hot housing market.
- I looked at Compass, eXp, and the future of brokerage and discovered that agent recruitment is a key competitive advantage for brokerages; Compass and eXp’s revenue growth has been propelled by agent growth.
- And Big Tech is coming after agent commissions — that sweet $100 billion revenue pool — as a source of revenue and profit growth.
Zillow
Zillow, recovering from the demise of Zillow Offers, unveiled an audacious new growth strategy.
- Zillow 3.0: Back to basics has the company going back to its roots, doubling down on agent lead gen, and extracting more revenue from real estate commissions.
Power buyers
Power buyers continued their national expansion, and I tracked the big movements as momentum builds in mortgage disruption (and somewhat predicted the slowdown at Knock).
Mike DelPrete is a strategic adviser and global expert in real estate tech, including Zavvie, an iBuyer offer aggregator. Connect with him on LinkedIn.
